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HSBC has become the latest financial institution to turn its back on financing high carbon energy projects after ruling out funds for new coal-fired power plants.

The British bank will also stop providing financial services to any new offshore oil and gas projects in the Arctic as well as oil sands projects, which both face fierce criticism from environmental groups.

HSBC set out its dramatic shift in energy policy ahead of its annual general meeting in London today, in a move that highlights the growing pressure on financial institutions to honour the global shift towards low carbon power mapped out by the Paris Climate Accord.